Bitcoin startup 37coins is about to shut down due to project development obstacles

37coins, a startup engaged in Bitcoin remittance business, is about to close down.

The company announced in a new blog post that it is shutting down its services and Bitcoin SMS wallet app. However, its users still have time to recover their wallet balances before December 30, 2015.

37coins made its debut at the Plug and Play show held by Silicon Valley FinTech, which brought together many Bitcoin startups.乔纳森•荣布罗, COO of 37coins, also gave an enthusiastic speech at the show, showing attendees the projects his company is working on. Jonathan said that the original goal of 37coins was to use low-cost mobile phone technology to achieve low-cost transactions of Bitcoin. But according to the 37coins team, the project encountered resistance during its development, and ultimately this obstacle proved to be insurmountable.

The company blog post states:

"Despite our best intentions, we were unable to deliver a quality product that met the needs of the market. We discovered that text messaging between different carriers outside the United States was unreliable. Ultimately, the company ran out of money and was forced to abandon its original goal."

37coins expressed its appreciation for the increasing focus of Bitcoin projects on providing solutions for the unbanked, and also expressed its gratitude to those who support the company’s projects.

“It’s an honor to know that there are so many Bitcoin supporters around the world working together to build a fair and balanced financial system, so we would like to sincerely thank you for your enthusiastic support.”

37coins did not immediately respond to CoinDesk’s request for comment. More information about the closure of 37coins can be found here.